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Your Duties in the Event of a Loss
A property insurance policy includes duties that require you to protect the building from further damage.
mitigate damages and protect the property from further damage.
secure windows and openings in the building to prevent further wind and water damage.
removing any debris.
and maintain invoices relating to the loss.
Know Your Property Sub Limits of sewers and loss of power. Be aware policy for some of your damages. For replacement cost on property due to a
with your coverage and the sub limits in your property policy. Some of these limits can be increased at a minimal cost.
that result from a heavy downpour can be significant.
trees and shrubs may need to be increased.
decide what coverages are most important to your association.
What is Your Flood Zone? – You May Have More Than One others may require you to specifically the definition also includes an accumulation of surface water. Surface is located in.
www.fema.gov
Flood Zone Exclusions on Your Policy insurance if you are unsure of your your policy may state that it applies
Flood coverage is also available
within communities that participate
less.
whichever is less.
more of the building area dedicated to residential use.
Understanding your risks will help you to prevent losses from happening in the future. While you cannot prepare for every loss scenario, it is important to plan for damaging summer weather events. Most importantly, make sure that the coverage provided by your insurance carrier is reviewed to adequately cover the needs of your association. Preparation is the key to weathering those severe summer storms!
40 | COMMON INTEREST®
A Publication of CAI-Illinois Chapter